EDITED......Albany pols are in a boiling dispute over who gets to spend a $600M housing foreclosure settlement from JP Morgan Chase. Sap-happy lefties want to help underwater homeowners victimized by the subprime debacle.....vote-crazed Gov Cuomo's infected with "higher office brain disease" -- plans $2 billion in tax cuts  though his plan doesnt count on the $600M settlement money.

Bertha Lewis, president of the Black Insitute and former head of ACORN, said, What I want to know is WTF? Why take our funds? This settlement money was intended to help struggling homeowners in New York, too many of whom are African-American and Latino.

REFERENCE Cuomo's Social Engineering as HUD Chief Contributed to Subprime Crisis / originally published on Examiner.com

---SNIP---In 1993 President Bill Clinton appointed Andrew Cuomo (now NY governor) to the Department of Housing and Urban Development (HUD) as Assistant Secretary. In 1997 Cuomo took over as HUD chief replacing Clinton appointee Henry Cisneros. During Cisneros tenure he championed Clinton's goal of social engineering within the housing market forcing lenders to issue loans to those that would not financially qualify for the lending.

Cisneros left office in a scandal involving lying to the FBI over payouts to a mistress, Cisneros subsequently pleaded guilty to a misdemeanor and though never sent to prison received a pardon from Bill Clinton in 2001.

Andrew Cuomo took the HUD reins and not only furthered Cisneros and Clinton's policies but greatly expanded them.

Henry Cisneros moved the GSEs toward a requirement that 42 percent of their mortgages serve low and moderate income families. Andrew Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages for the "very-low-income."

These bad loans were purchased and sold throughout the secondary market and the pyramid grew and the bottom collapsed resulting in the subprime crisis we are still reeling from today.

In 2008, the Village Voice published a compelling report detailing Andrew Cuomo's policy decisions "that gave birth to the country's current crisis."

The report touched on how Cuomo's 187-page rules "opened the door to abuse." The rules explicitly rejected the idea of imposing any new reporting requirements on the GSEs. In other words, HUD wanted Fannie and Freddie to buy risky loans, but the department didn't want to hear just how risky they were.

Many New York voters have been distracted by the gubernatorial candidate Carl Paladino's racist joke email forwards, what some are failing to see is the actual harm to the minority community directly caused by Cuomo's policies...and that is no laughing matter.

Cuomo's top aide said, "We believe that there are a lot of loans to black Americans that could be safely purchased by Fannie Mae and Freddie Mac if these companies were more flexible." Andrew Cuomo doubled down and had this to say about his HUD standards, "GSE presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas."

How's that working out for the minority community, where foreclosures and unemployment rates have hit the hardest as a result of such failed policies and blatant social engineering?

I think it’s drier than that. Cuomo realizes that the whole state is rapidly moving in the direction of Detroit, and that they are driving out all the people and corporations with wealth who create jobs.

In effect, Cuomo is just another leftist junkie, who needs to rob people to get his spending fixes, and if they are tired of getting robbed and leave, he is in deep trouble.

6
posted on 01/19/2014 5:02:54 AM PST
by yefragetuwrabrumuy
(There Is Still A Very Hot War On Terror, Just Not On The MSM. Rantburg.com)

WHO ELSE IS GETTING A PIECE OF THE $600M? Calculating Obama sicced his extortionate DOJ on banks WRT sub-prime mortgages.

THE DERANGED MIND OF A PROGRESSIVE Boobamba is the sap-happy community organizer who sued banks to give out sub-prime mtges to ne'er do wells and welchers on welfare and food stamps. Now he's suing banks for "predator lending" b/c the welfare bums were saddled w/ mtges they can't pay.

=============================================

FAST FORWARD--Obama gave a talk July 2013 on mortgages and Fannie Mae, a brand new theme for him, one that hasnt surfaced in 4-1/2 years of his occupying the WH. Why is all of this sudden interest in punitive actions on housing and mortgages? Why is all of this happening now?

Why now? Chi/pols see public office as an investment .....all their public activities are to get a "return on investment."

Obama's speech on the US economy spelled out the beginning of the end for federally-controlled mortgage buyers Fannie Mae and Freddie Mac. Well work with both parties to turn the page on Fannie and Freddie, and build a housing finance system thats rock-solid for future generations, Obama said, according to a copy of his prepared remarks

The House Financial Services Committee approved a bill on Tuesday that would get rid of the firms in five years, to be replaced by a National Mortgage Market Utility to help securitize mortgages.(Excerpt) Read more at blogs.marketwatch.com

WSJ: The Federal government is seizing the substantial profits of the government-chartered mortgage firms, Fannie Mae and Freddie Mac, taking for itself the property and potential gains of private investors the government induced to help prop up these companies. This conduct is intolerable. A scathing article follows.

===============================================

NOTE Soon as they occupied the WH, the Chi/mob setup the looting MO: Obama and the Chicago con artists (a) took control of the US Census; (b) Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury (including the IRS).

It seems so. Was watching Fox earlier this morning and a clip of Cuomo was shown with him stating that there’s no place in NY for conservative Republicans; as defined by him as those who are right to life, pro assault weapon, and anti-gay. Personally, I would like to see a mass migration out of the state along with their businesses and jobs (tax dollars) too. That would be fantastic. :)

11
posted on 01/19/2014 5:56:05 AM PST
by snoringbear
(E.oGovernment is the Pimp,)

The Congressional Hispanic Institute, Inc, is an entity organized by Cong Joe Baca (D-Cali) in his capacity as head of the Congressional Hispanic Caucus.

Cong Baca created "HOGAR" (Spanish for home) in 2003 to work with the mortgage industry, F/M, lenders, banks and latino community groups to increase mortgage lending to what savvy observers consider to be unqualified Latinos.

"HOGAR" colluded w/ Cong Baca in what was to become a massive bilking of taxpayers. Cong Baca calculatedly hyped the fact that the national Latino homeownership rate was 47%, compared with 68% for the overall population.

HOGAR was coached to call the figure "alarming," and to say "a concerted effort was required to ensure that by the end of the decade Latinos will share equally in the American Dream of home ownership."

HOGAR and Cong Baca conned the public, failing to note that most of the "dreamers" were illegals, citizens of Third World countries who had violated US borders.

Predictably, HOGAR colluded w/ co-conspirators which included:

(a) shaky mortgage companies that ran into big trouble;

(b) Fannie Mae and Freddie Mac, both now under federal control after billions in taxpayer bailouts;

(c) Countrywide Financial Corp., sold to Bank of America Corp;

(d) Washington Mutual Inc., taken over by the US government and sold to J.P. Morgan Chase & Co.; and,

(e) New Century Financial Corp. and Ameriquest Mortgage Corp, both now defunct, killed by defaulted subprime Latino mortgages.

HOGAR's ties to the subprime mortgage industry were substantial. Bribery and self-dealing were rampant:

<><> Companies that donated $150,000 to Cong Baca got the right to have their own research fellow who would conduct fraudulent studies, which were cunningly used by industry lobbyists to pump lending.

<><> Bribery and extortion in the form of $100,000 annual donations to Cong Baca, for which HOGAR provided phony news releases from Cong Baca's Hispanic Caucus promoting a lender's commercial products to the Latino market,

<><> The most shocking example of bribery well-substantitated by Hogar's literature..... HOGAR announced it worked with Freddie Mac on a self-serving two-year examination of Latino homeownership in 63 congressional districts.

The "study" found Hispanic ownership on the rise thanks to "new flexible mortgage loan products" that the industry was adopting at the urging of Cong Baca's collusive coterie.

<><> HOGAR conned lenders into even more lenient down-payment and underwriting standards.

The mortgage schemes demonstrated the criminal activities of border violators with multiple identities---perhaps violent, terrorist-connected foreigners---colluding and conspiring to defraud private companies and public entities. And mortgage racketeering enterprises which employed sub rosa finance and business practices to carry out deceptions and frauds.

The alleged ring of swindlers---a Congresman, individuals with multiple identities, banks, insurance companies, mortgage brokers--might be charged with cheating the US govt, taxpayers and bank share holders out of hundreds of millions of dollars via an elaborate web of mortgage and bank frauds.

The mortgage Dreamers used multiple phony identities, fraudulent Social Security numbers, purchased from identity forgers in order to obtain govt-subsidized benefits.

L/E will find that individuals with multiple identities obtained fraudulent mortgages then flipped the houses at ever-higher prices to family member who then absconded to foreign countries, sticking banks (and taxpayers) with hundreds of millions in fraudulent mortgages.

This was not simply the mortgage market at work. It was fueled by avarice, greed, and Congressional enabling fraudulent practices. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained subprime mortgages for prime properties---soaring to 169%.

(Research provided by Wall Street Journal. Some material excerpted from the NY Times).

Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.